{\rtf1\mac\deff0 {\fonttbl{\f0\fnil Times New Roman;}}
{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy1\hr18\min33}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(1)}\cell \pard\intbl\qc {(2)}\cell \pard\intbl\qc {(3)}\cell \pard\intbl\qc {(4)}\cell \pard\intbl\qc {(5)}\cell \pard\intbl\qc {(6)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {Patent}\cell \pard\intbl\qc {Patent}\cell \pard\intbl\qc {Capacity}\cell \pard\intbl\qc {Capacity}\cell \pard\intbl\qc {Labor_Distortion}\cell \pard\intbl\qc {Labor_Distortion}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {IM}\cell \pard\intbl\qc {0.054{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.007{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.014{\super ***}}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(29.28)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(5.42)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-8.58)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage}\cell \pard\intbl\qc {-0.026{\super ***}}\cell \pard\intbl\qc {-0.026{\super ***}}\cell \pard\intbl\qc {0.135{\super ***}}\cell \pard\intbl\qc {0.135{\super ***}}\cell \pard\intbl\qc {0.281{\super ***}}\cell \pard\intbl\qc {0.281{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-13.53)}\cell \pard\intbl\qc {(-13.39)}\cell \pard\intbl\qc {(40.27)}\cell \pard\intbl\qc {(40.27)}\cell \pard\intbl\qc {(63.55)}\cell \pard\intbl\qc {(63.52)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {0.003{\super ***}}\cell \pard\intbl\qc {0.003{\super ***}}\cell \pard\intbl\qc {-0.028{\super ***}}\cell \pard\intbl\qc {-0.028{\super ***}}\cell \pard\intbl\qc {-0.064{\super ***}}\cell \pard\intbl\qc {-0.064{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(5.63)}\cell \pard\intbl\qc {(5.45)}\cell \pard\intbl\qc {(-31.51)}\cell \pard\intbl\qc {(-31.53)}\cell \pard\intbl\qc {(-55.47)}\cell \pard\intbl\qc {(-55.41)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {0.007{\super ***}}\cell \pard\intbl\qc {0.006{\super ***}}\cell \pard\intbl\qc {0.001}\cell \pard\intbl\qc {0.000}\cell \pard\intbl\qc {-0.149{\super ***}}\cell \pard\intbl\qc {-0.149{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(8.95)}\cell \pard\intbl\qc {(8.78)}\cell \pard\intbl\qc {(0.48)}\cell \pard\intbl\qc {(0.36)}\cell \pard\intbl\qc {(-90.17)}\cell \pard\intbl\qc {(-90.15)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {0.005{\super ***}}\cell \pard\intbl\qc {0.005{\super ***}}\cell \pard\intbl\qc {-0.001{\super ***}}\cell \pard\intbl\qc {-0.002{\super ***}}\cell \pard\intbl\qc {0.003{\super ***}}\cell \pard\intbl\qc {0.003{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(30.89)}\cell \pard\intbl\qc {(30.82)}\cell \pard\intbl\qc {(-8.38)}\cell \pard\intbl\qc {(-8.53)}\cell \pard\intbl\qc {(12.99)}\cell \pard\intbl\qc {(13.06)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {-0.004}\cell \pard\intbl\qc {-0.004}\cell \pard\intbl\qc {0.125{\super ***}}\cell \pard\intbl\qc {0.125{\super ***}}\cell \pard\intbl\qc {0.042{\super ***}}\cell \pard\intbl\qc {0.042{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-0.95)}\cell \pard\intbl\qc {(-0.96)}\cell \pard\intbl\qc {(16.46)}\cell \pard\intbl\qc {(16.41)}\cell \pard\intbl\qc {(4.83)}\cell \pard\intbl\qc {(4.87)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {0.019{\super ***}}\cell \pard\intbl\qc {0.019{\super ***}}\cell \pard\intbl\qc {-0.113{\super ***}}\cell \pard\intbl\qc {-0.113{\super ***}}\cell \pard\intbl\qc {-0.049{\super ***}}\cell \pard\intbl\qc {-0.048{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(3.87)}\cell \pard\intbl\qc {(3.81)}\cell \pard\intbl\qc {(-17.89)}\cell \pard\intbl\qc {(-17.92)}\cell \pard\intbl\qc {(-5.83)}\cell \pard\intbl\qc {(-5.73)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {-0.037{\super ***}}\cell \pard\intbl\qc {-0.037{\super ***}}\cell \pard\intbl\qc {-0.041{\super ***}}\cell \pard\intbl\qc {-0.041{\super ***}}\cell \pard\intbl\qc {0.050{\super ***}}\cell \pard\intbl\qc {0.049{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-13.34)}\cell \pard\intbl\qc {(-13.36)}\cell \pard\intbl\qc {(-9.63)}\cell \pard\intbl\qc {(-9.62)}\cell \pard\intbl\qc {(7.80)}\cell \pard\intbl\qc {(7.74)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {cpi}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.000{\super ***}}\cell \pard\intbl\qc {-0.000{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(4.81)}\cell \pard\intbl\qc {(4.83)}\cell \pard\intbl\qc {(-0.57)}\cell \pard\intbl\qc {(-0.57)}\cell \pard\intbl\qc {(-8.13)}\cell \pard\intbl\qc {(-8.15)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {HHI}\cell \pard\intbl\qc {-0.027}\cell \pard\intbl\qc {-0.023}\cell \pard\intbl\qc {0.000}\cell \pard\intbl\qc {0.001}\cell \pard\intbl\qc {-0.277{\super ***}}\cell \pard\intbl\qc {-0.277{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-1.16)}\cell \pard\intbl\qc {(-0.97)}\cell \pard\intbl\qc {(0.01)}\cell \pard\intbl\qc {(0.04)}\cell \pard\intbl\qc {(-5.72)}\cell \pard\intbl\qc {(-5.72)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {5.125{\super ***}}\cell \pard\intbl\qc {4.969{\super ***}}\cell \pard\intbl\qc {0.707{\super *}}\cell \pard\intbl\qc {0.682{\super *}}\cell \pard\intbl\qc {-3.073{\super ***}}\cell \pard\intbl\qc {-3.050{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(30.03)}\cell \pard\intbl\qc {(29.16)}\cell \pard\intbl\qc {(1.75)}\cell \pard\intbl\qc {(1.69)}\cell \pard\intbl\qc {(-9.52)}\cell \pard\intbl\qc {(-9.45)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {0.034{\super ***}}\cell \pard\intbl\qc {0.033{\super ***}}\cell \pard\intbl\qc {0.106{\super ***}}\cell \pard\intbl\qc {0.105{\super ***}}\cell \pard\intbl\qc {-0.431{\super ***}}\cell \pard\intbl\qc {-0.429{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(6.58)}\cell \pard\intbl\qc {(6.31)}\cell \pard\intbl\qc {(13.18)}\cell \pard\intbl\qc {(13.11)}\cell \pard\intbl\qc {(-36.63)}\cell \pard\intbl\qc {(-36.45)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {0.060{\super ***}}\cell \pard\intbl\qc {0.058{\super ***}}\cell \pard\intbl\qc {0.084{\super ***}}\cell \pard\intbl\qc {0.083{\super ***}}\cell \pard\intbl\qc {-0.171{\super ***}}\cell \pard\intbl\qc {-0.170{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(12.60)}\cell \pard\intbl\qc {(12.24)}\cell \pard\intbl\qc {(12.28)}\cell \pard\intbl\qc {(12.20)}\cell \pard\intbl\qc {(-16.07)}\cell \pard\intbl\qc {(-15.94)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.059{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.009{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.011{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(26.96)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(6.17)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-5.67)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.025{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.005{\super **}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {-0.020{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(9.27)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(2.28)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(-8.17)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {_cons}\cell \pard\intbl\qc {0.347{\super ***}}\cell \pard\intbl\qc {0.352{\super ***}}\cell \pard\intbl\qc {-1.900{\super ***}}\cell \pard\intbl\qc {-1.892{\super ***}}\cell \pard\intbl\qc {0.499{\super ***}}\cell \pard\intbl\qc {0.492{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(4.26)}\cell \pard\intbl\qc {(4.33)}\cell \pard\intbl\qc {(-15.15)}\cell \pard\intbl\qc {(-15.08)}\cell \pard\intbl\qc {(3.44)}\cell \pard\intbl\qc {(3.39)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {2551379}\cell \pard\intbl\qc {2551379}\cell \pard\intbl\qc {1489050}\cell \pard\intbl\qc {1489050}\cell \pard\intbl\qc {2376019}\cell \pard\intbl\qc {2376019}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {0.451}\cell \pard\intbl\qc {0.451}\cell \pard\intbl\qc {0.481}\cell \pard\intbl\qc {0.481}\cell \pard\intbl\qc {0.559}\cell \pard\intbl\qc {0.559}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
